ASH FY result, page-6

I haven't had the chance to look at this in depth yet, but comments from me:

- no additional information about the court case

- FCF given large change in working capital c6-7m alluded to in the CEO's report, giving an FCF/EV yield of approx 20% (after the dividend has been paid off!). 

- no debt and approx 3m in cash + large working capital surplus post dividend

- WA/QLD training divisions already profitable and negated by Vic which they have carried through this year and will be in better shape next year

As mentioned previously continued execution, bottom line growth (given top line won't grow in context of contract loss) and resolution of court case will be the catalyst for re-rating and in the interim we have what looks like an eminently sustainable 10% dividend yield (approx 50% of FCF)...but who knows what the market is thinking- there are numerous very large caps on eyebrow raising multiples and so many profitable gems conversely on rock bottom multiples right now. Anyway nice to have places to put the accumulating dividends.